HUD to Extend Owner-Occupant Bid Period
March 13, 2008
In a Washington Senate hearing earlier today, HUD Secretary Alphonso Jackson said that the HUD owner-occupant bid period would be extended past its current 15-day allotment. The announcement was likely in response to accusations from Senator Charles Shumer, who claims that current HUD policies put foreclosure homes into the hands of slumlords.
New Yorks’ Daily Gazette reports:
“Area real estate investors say they rarely pick up HUD properties immediately after they are put to auction, because they tend to be overpriced. HUD says there is a cost associated will homes sitting on the market for longer periods. It costs HUD an average of $26 to hold a property each day. Last year it sold 24,000 properties.”
The extension remark was made amidst accusations that HUD is being improperly handled. It is not clear when the extensions will begin or how much longer owner-occupants will be given.
See Also: How to Find HUD Homes for Sale
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